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Notes to Accounts of B L Kashyap & Sons Ltd.

Mar 31, 2015

Note 1: General Information

B.L. Kashyap And Sons Ltd (BLK) is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Founded in 1978 as a partnership firm, BLK owes its success to Shri B L Kashyap, a veteran construction professional. Incorporated as a limited company in 1989. Today, BLK is one of India's most respected construction and infra- structure development companies with a pan India presence. Our service portfolio extends across the construction of factories and manufacturing facilities, IT campuses, commercial & residential complexes, malls and hotels.

2.1.1 Guarantees :

(a) Liability in respect of Bank Guarantees is Rs. 130,37,44,572 (Previous year Rs. 142,12,04,208)

(b) Liabiility in respect of Letter of Credits is Rs. NIL (Previous year Rs. NIL)

(c) Corporate Guarantees of Rs. 226,10,89,672 (Previous year Rs. 200,65,81,468) in favour of:-

- Clients Rs. 74,10,89,672

- Subsidiaries Rs. 152,00,00,000

2.2 Impairment of Assets

In accordance with the Accounting Standard - 28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, no Asset has been identified for impairment by the Company during the year.

2.3 All borrowing costs have been charged to revenue; hence no cost is attributable to acquisition or Construction of qualifying assets.

2.4 Balances with the Parties are subject to Confirmations.

2.5 In the opinion of the board of directors all its assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet.

2.6 Segmental Reporting

The company has only one reportable business segment i.e. civil contracts. The company operates a hotel in Mussourrie and also trades in residential flats. However, these are not "Reportable Segments" as per clause 27 of AS-17, as the revenue from these sources is less than 10% of the total revenue. The company operates in only one geographical segment viz. India.

2.7 The Company has not paid remuneration to Whole-Time Directors (Previous Year Rs. NIL).

2.8 Disclosure pursuant to Accounting Standard-7 as prescribed under Companies Accounting Standards Rules on Accounting in respect of the contracts in progress at the reporting date:-

2.9 Previous year's figures have been re-grouped, rearranged to make them comparable with figures of current year, wherever considered necessary.


Mar 31, 2014

Note 1: General Information

B.L. Kashyap And Sons Ltd (BLK) is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Founded in 1978 as a partnership firm, BLK owes its success to Shri B L Kashyap, a veteran construction professional. Incorporated as a limited company in 1989. Today, BLK is one of India''s most respected construction and infrastructure development companies with a pan India presence. Our service portfolio extends across the construction of factories and manufacturing facilities, IT campuses, commercial & residential complexes, malls and hotels.

Note 2- Other Notes on Accounts

Contingent Liabilities :

3.1.1 Claims against the company not acknowledged as debts:

(a) Out of Income Tax demand of Rs. 889,672,882 raised us 153A/143(3) in Assessment proceedings for the year 2002-2003 to 2008-09 & 2010-2011, Rs. 731,084,125 has been deposited/adjusted. The Company has filed appeals before The Commissioner of Income Tax (Appeals) II & III, New Delhi contesting whole of the demand which is based on addition made on the basis of legal issues/technical/adhoc basis.

(b) Other demands not acknowledged as liability:- (Rs. in Lacs)

Income Tax TDS 32.45

Service Tax 13.18

VAT 134.36

(c) Additional Demand of 592.76 Crores from Provident Fund Authorities for the period from 01-04-2005 to 31-12-2010 has since been set aside by Employees Provident Fund Appellate Tribunal, New Delhi.

(d) The company has not provided for penal and overdue interest on the Outstanding Loans as on 31 March 2014. The aggregate of such panel and overdue interest of Rs. 45,184,302

(e) Additional tax liability, if any pending assessments is indeterminate.

(f) No disputed/legal cases which may have any material and adverse financial implication pending against the company.

3.1.2 Guarantees :

(a) Liability in respect of Bank Guarantees is Rs. 1,421,204,208 (Previous year Rs. 1,514,170,168)

(b) Liability in respect of Letter of Credits is NIL (Previous year Rs. 29,976,479)

(c) Corporate Guarantees'' of Rs. 200,65,81,468 (Previous year Rs. 2,461,353,998) in favour of:-

- Clients Rs. 766,581,468

- Subsidiaries Rs. 1,240,000,000

3.1.3 : Other Money for which the Company is liable :

Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. NIL Previous Year (Rs. 1,111,569) Related Party Disclosure

3.3 Impairment of Assets

In accordance with the Accounting Standard - 28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, no Asset has been identified for impairment by the Company during the year.

3.4 All borrowing costs have been charged to revenue; hence no cost is attributable to acquisition or Construction of qualifying assets.

3.5 Segmental Reporting

The company has only one reportable business segment i.e. civil contracts. The company operates a hotel in Mussourrie and also trades in residential flats. However, these are not "Reportable Segments" as per clause 27 of AS17, as the revenue from these sources is less than 10% of the total revenue. The company operates in only one geographical segment viz. India

3.6 The Company has not paid remuneration to whole time Directors (Previous Year ? 7,200,000).

3.7 Disclosure pursuant to Accounting Standard 7 as prescribed under Companies Accounting Standards Rules on Accounting in respect of the contracts in progress at the reporting date:-

3.8 Previous year''s figures have been re-grouped, rearranged to make them comparable with figures of current year, wherever considered necessary.


Mar 31, 2013

Note 1- General Information

B.L. Kashyap And Sons Ltd (BLK) is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Founded in 1978 as a partnership frm, BLK owes its success to Shri B L Kashyap, a veteran construction professional. Incorporated as a limited company in 1989. Today, BLK is one of India''s most respected construction and infrastructure development companies with a pan India presence. Our service portfolio extends across the construction of factories and manufacturing facilities, IT campuses, commercial & residential complexes, malls and hotels.

Contingent Liabilities :

2.1.1 Claims against the company not acknowledged as debts:

(a) Out of Income Tax demand of Rs. 892,833,491 raised us 153A/143(3) in Assessment proceedings for the year 2002-2003 to 2010-2011, Rs. 666,548,940 has been deposited/adjusted. The Company has fled appeals before The Commissioner of Income Tax (Appeals) II, New Delhi contesting whole of the demand which is based on addition made on the basis of legal issues/ technical/adhoc basis.

(b) Other demands not acknowledged as liability:-

(Rs. in Lacs)

Income Tax TDS 13.10

Service Tax 301.18

VAT 872.32

(c) Additional Demand of Rs. 592.76 Crores from Provident Fund Authorities for the period from 01.04.2005 to 31.12.2010. The Company has contested the demand and the matter is pending before Employees Provident Fund Appellate Tribunal, New Delhi.

(d) Additional tax liability, if any pending assessments is indeterminate.

(e) No disputed/legal cases which may have any material and adverse fnancial implication are pending against the company.

2.1.2 Guarantees :

(a) Liability in respect of Bank Guarantees is Rs. 1,514,170,168 (Previous year Rs. 1,750,717,446)

(b) Liability in respect of Letter of Credits is Rs. 29,976,479 (Previous year Rs. 64,818,538)

(c) Corporate Guarantees'' of Rs. 2,461,353,998 (Previous year Rs. 1,531,071,762) in favour of:- - Clients Rs. 1,221,353,998,

- Subsidiaries Rs. 1,240,000,000

2.1.3 : Other Money for which the Company is liable :

Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 1,111,569 Previous Year (Rs. 11,416,248).

2.2 Impairment of Assets

In accordance with the Accounting Standard-28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, no Asset has been identifed for impairment by the Company during the year.

2.3 All borrowing costs have been charged to revenue; hence no cost is attributable to acquisition or Construction of qualifying assets.

2.4 Balances with the Parties are subject to Confrmations.

2.5 In the opinion of the board of directors all its assets other than fxed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet.

2.6 Segmental Reporting

The company has only one reportable business segment i.e. civil contracts. The company also operates a hotel in Mussourrie and also trades in residential fats. However, these are not "Reportable Segments" as per clause 27 of AS-17, as the revenue from these sources is less than 10% of the total revenue. The company operates in only one geographical segment viz. India.

2.7 The Company has paid remuneration to whole time Directors amounting to Rs. 7,200,000.

2.8 Previous year''s fgures have been re-grouped, rearranged to make them comparable with fgures of current year, wherever considered necessary.


Mar 31, 2012

Note 1 General Information

B.L. Kashyap And Sons Ltd (BLK) is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Founded in 1978 as a partnership firm, BLK owes its success to Shri B L Kashyap, a veteran construction professional. Incorporated as a limited company in 1989. Today, BLK is one of India's most respected construction and infra- structure development companies with a pan India presence. Our service portfolio extends across the construction of factories and manufacturing facilities, IT campuses, commercial & residential complexes, malls and hotels.

Contingent Liabilities :

2.1.1 Claims against the company not acknowledged as debts:

(a) Out of Income Tax demand raised in Assessment proceedings for the year 2002-2003 to 2009-2010 u/s 153A/143(3) of Rs. 915,038,827/-, Rs. 321,800,170/- has been deposited. The Company has filed appeals before The Commissioner of Income Tax (Appeals) II, New Delhi and is expecting substantial relief from appellate authorities as most of the additions are on technical issues and on adhoc basis.

(b) Other demands not acknowledged as payables:-

(Rs.in Lacs)

Income Tax TDS 13.10

Service Tax 13.18

VAT 100.60

(c) Additional Demand of Rs. 592.76 Crores from Provident Fund Authorities for the period from 1-4-2005 to 31-12-2010.The Company has contested the demand and the matter is pending before Employees Provident Fund Appellate Tribunal, New Delhi.

(d) Additional tax liability, if any pending assessments is indeterminate.

(e) No disputed/legal cases which may have any material and adverse financial implication are pending against the company.

2.1.2 Guarantees :

(a) Liability in respect of Bank Guarantees is Rs. 1,750,717,446/- (Previous year Rs. 2,014,534,474/-)

(b) Liabiility in respect of Letter of Credits is Rs. 64,818,538/- (Previous year Rs. 270,402,417/-)

(c) Corporate Guarantees' of Rs. 1,531,071,762/- (Previous year Rs. 1,513,647,071/-) in favour of:-

- Clients Rs. 991,071,762/-,

- Subsidiaries Rs. 540,000,000/-

2.1.3 Other Money for which the Company is liable :

Estimated amount of contracts remaining to be executed on Capital Account and not provided for. Rs. 1,14,16,248/- Previous Year (Rs. 3,39,72,129/-)

In respect of above parties there is no provision for doubtful debts as on 31-03-2012 and no amount is written off or written back during the year in respect of debt/loan & advances due from/to them.

2.2 Impairment of Assets

In accordance with the Accounting Standard - 28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, no Asset has been identified for impairment by the Company during the year.

2.3 All borrowing costs have been charged to revenue; hence no cost is attributable to acquisition or Construction of qualifying assets.

In accordance with "Accounting Standard-22" the Company has recognised the deferred tax Asset as at 31st March 2012 amounting to Rs. 1,96,94,203/- and has charged the same to Profit & Loss Appropriation Account.(Previous year deferred tax Liability Rs. 34,62,926/-)

2.4 Balances with the Parties are subject to Confirmations.

2.5 In the opinion of the board of directors all its assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet.

2.6 Additional information pursuant to Para 5 of Part II of Schedule VI to the Companies Act, 1956 to the extent applicable.

2.7 On the basis of confirmation obtained from suppliers who have registered themselves under the Micro Small Medium Enterprise Development Act, 2006(MSMED Act, 2006) and based on the information available with the company, the balance due to Micro & Small Enterprises as defined under the MSMED Act, 2006 are as follows:-

2.8 Segmental Reporting

The company has only one reportable business segment i.e. civil contracts. The company also operates a hotel in Mussourrie and also trades in residential flats. However, these are not "Reportable Segments" as per clause 27 of AS-17, as the revenue from these sources is less than 10% of the total revenue. The company operates in only one geographical segment viz. India.

2.9 The Company has paid remuneration to Whole Time Directors amounting to Rs. 2,61,26,756/- which exceeds the amount calculated as per the provisions of the Sec. 198 read with Sec. 309 of the Companies Act, 1956 by Rs. 2,24,01,893/-. The company is applying to the Central Government for waiver / regularisation of the excess remuneration of Rs. 2,24,01,893/- paid to the Whole Time Directors.

2.9 Disclosure pursuant to Accounting Standard-7 as prescribed under Companies Accounting Standards Rules on Accounting in respect of the contracts in progress at the reporting date:-

2.10 Previous year's figures have been re-grouped, rearranged to make them comparable with figures of current year, wherever considered necessary.

Secured Loans

(a) Term Loans From Banks

1. Union Bank of India - Rs. 12,85,71,425/- Previous Year Rs. 19,28,57,141/- Principal Amount Rs. 2,14,28,572/- & Interest Rs. 37,98,378/- delayed by 23 days & 37 days respectively.

2. State Bank of Patiala - Rs. 2,41,49,229/-Previous Year Rs. 5,00,00,000/- Principal Amount Rs. 1,41,49,229/- & Interest Rs. 4,04,265/- delayed by 87 days & 1 day respectively.

3. Oriental Bank of Commerce - Rs. 7,50,00,000/-Previous Year Rs. 17,50,00,000/- Principal Amount Rs. 2,50,00,000/- & Interest Rs. 27,69,503/- delayed by 89 days & 61 days respectively.

4. IndusInd Bank - Rs. 7,00,00,000 /-Previous Year Rs. 21,00,00,000/-

(Loan from Union bank of India, State Bank of Patiala, Oriental Bank of Commerce & IndusInd Bank (Point no. 1-4 )are secured by way of first paripassu charge on Fixed Assets of Company except those specifically charged to financial Institutions/bank for term loans of machinery & vehicles and personal Guarantees of Whole Time Directors)

5. Syndicate Bank - Rs. 100,00,00,000/-Previous Year Rs. 100,00,00,000/- Interest Rs. 2,30,37,754/- delayed by 60 days.

(Loan from Syndicate Bank secured by Subservient charge by way of hypothecation on all the Movable Assets, Current Assets, receivables and fixed assets & personal guarantees of Whole Time Directors)

6 State Bank of India - Rs. 49,05,30,418/-Previous Year Rs. Nil/-

(Loan from State Bank of India is secured by First pari passu charge over entire present & future Currrent Assets)

7. From Kotak Mahindra Bank Ltd - Loans outstanding as at 31st March 2012 Rs. 2,19,69,077/- (Previous Year - Rs. 5,82,25,983/-)

(Loans Secured Against Hypothecation of Plant And Machinery And Personal Guarantee of Whole Time Directors)

8. From HDFC Bank Ltd. - Loans outstanding as at 31st March 2012 - Rs. -18,05,54,653/- (Previous Year Rs. 16,84,15,514/-)

Principal Amount Rs. 1,89,765/- & Interest Rs. 39,490/- delayed by 30 days.

(Loans Secured Against Hypothecation of Plant And Machinery And Personal Guarantee of Whole Time Directors)

9. From Dhanlaxmi Bank Ltd. - Loans outstanding as at 31st March 2012 - Rs. 1,27,40,026 /- (Previous Year Rs. nil/-)

(Loans Secured Against Hypothecation of Plant And Machinery And Personal Guarantee of Whole Time Directors)

10. From ICICI Bank Ltd. - Loans outstanding as at 31st March 2012 - Rs. 10,70,652/- (Previous Year Rs. 17,71,131/-)

(Loans Secured Against Hypothecation of Cars And Personal Guarantee of Whole Time Directors)

11. From HDFC Bank Ltd. - Loans outstanding as at 31st March 2012 - Rs.22,44,482/- (Previous Year Rs. 24,34,394/-)

(Loans Secured Against Hypothecation of Cars And Personal Guarantee of Whole Time Directors)

12. From Kotak Mahindra Bank Ltd - Loans outstanding as at 31st March 2012 Rs. 15,24,659/- (Previous Year - Rs. 32,23,841/-)

(Loans Secured Against Hypothecation of Cars And Personal Guarantee of Whole Time Directors)

(b) Term Loans From Other Parties

1. From L & T Infrastructure Finance Company Ltd. - Rs. 29,73,68,228/- Previous Year Rs. 40,27,77,777/- Principal Amount Rs. 4,73,68,230/- & Interest Rs. 7,12,687/- delayed by 121 days & 1 day respectively.

(Loans secured by Subservient charge by way of hypothecation on all the Movable Assets, Current Assets, receivables and fixed assets & personal guarantees of Whole Time Directors)

2. From Reliance Capital Ltd. - Loans outstanding as at 31st March 2012 - Rs. 4,20,76,917 /- (Previous Year Rs. 4,90,58,038/-)

(Loans Secured Against Hypothecation of Plant And Machinery And Personal Guarantee of Whole Time Directors)

3. From Bajaj finance Limited. - Loans outstanding as at 31st March 2012 - Rs. 1,10,51,144 /- (Previous Year Rs. nil/-)

(Loans Secured Against Hypothecation of Plant And Machinery And Personal Guarantee of Whole Time Directors)

4. From Srei Equipment Finance Limited. - Loan outstanding as at 31st March 2012 - Rs. 39,81,02,897/- (Previous Year Rs. 23,02,48,200/-)

Principal Amount Rs. 1,51,10,198/- & Interest Rs. 31,01,438/- delayed by 45 days.

(Loans Secured Against Hypothecation of Plant And Machinery And Personal Guarantee of Whole Time Directors)

(c) Unsecured

1. ECL Finance Limited - Rs. 6,75,00,000/- Previous Year Rs. 15,00,00,000/-

(Secured by Personal Guarantee of Directors & Pledge of Share from Whole Time Directors)

The above lone of Rs. 6,75,00,000/- is repayable in less than 1 year and therefore has been shown an as part of the Current maturities of long-term debt.

The above break up of total loans as shown in a, b & c is Rs. 2,824,453,807/- in aggregate. Out of which, an amount of Rs. 1,864,062,626/- is shown under Long Term Loans as per Note 6 and the balance of Rs. 960,391,181/- is shown as part of the Current maturities of long-term debt under other Current Liabilities as per Note 10 in terms of requirements of Schedule VI to the Companies Act, 1956.

(a) Secured Loans

1. Working Capital Facility From Banks

(Secured by way of first pari passu charge on Current Assets of the company and Second pari passu charge on Fixed Assets of the Company except those specifically charged to Financial Institutions/banks/others for term Loans of machinery & vehicles and Personal Guarantees of Whole Time Directors)

2. Indusind Bank - Rs. 30,00,00,000/-Previous Year Rs. Nil/-

(Loan from IndusInd Bank is secured by First pari passu charge over entire present & future Currrent Assets & Movable Fixed Assets, excluding Specifically charged to term lenders from machiery loans)

(b) Unsecured Loans

Tata Capital Limited - Balance Nil as at 31st March 2012 (Previous Year Rs. 22,98,27,993/-)

(Secured against personal guarantee of Whole Time Directors & pledge of shares from Whole Time Directors)


Mar 31, 2011

1. Contingent Liabilities

(a) Contingent Liabilities exist in respect of

- Bank Guarantees Rs. 2,014,534,474/- (Previous year Rs. 1, 723, 259,880/-)

- Letter of Credits Rs. 270,402,417/- (Previous year 116,112,881/-)

- Corporate Guarantees' of Rs.1, 513,647,071/- (Previous year Rs. 1, 247,298,397/-) in favour of:-

- Clients Rs. 973,647,071/-

- Subsidiaries Rs. 540,000,000/-

(b) No disputed/legal cases which may have any material and adverse financial implication are pending against the company.

(c) Out of Income Tax demand raised in Assessment proceedings for the year 2002-2003 to 2008-2009 u/s 153A/143(3) of Rs. 91, 18, 58,218/- , Rs. 15, 26, 04,350 has been deposited. The Company has filed appeals before The Commissioner of Income Tax (Appeals) II, New Delhi and expecting substantial relief from appellate authorities as most of the additions are on technical issues and on adhoc basis.

(d) Other demands not acknowledged as payables:-

(Rs.in Lacs)

- Income Tax TDS 8.77

- Service Tax 13.18

- VAT 122.19

(e) Additional tax liability, if any pending assessments is indeterminate.

2. All borrowing costs have been charged to revenue; hence no cost is attributable to acquisition or Construction of qualifying assets.

3. Related Party Disclosure

1) List of Related Parties

I. Enterprises in which the Relationship Company has control

(i) Security Information Systems Wholly owned subsidiary (India) Ltd

(ii) B L K Lifestyle Ltd. Wholly owned subsidiary

(iii) BLK Infrastructure Ltd. Wholly owned subsidiary

(iv) Soul Space Projects Ltd. Subsidiary

(v) Soul Space Realty Ltd Step Down Subsidiary

(vi) Soul Space Hospitality Ltd Step Down Subsidiary

II. Other related Parties.

(i) Joint Ventures BLK NCC Consortium

(ii) Associates Status

(a) B.L.K. Financial Services Limited Company Limited

(b) B.L.K. Securities Private Private Limited Company Limited

(c) Ahuja Kashyap Malts Pvt. Ltd. Private Limited Company

(d) Bezel Investments & Finance Private Limited Company Pvt. Ltd.

(e) B.L. Kashyap & Sons Partnership Firm

(f) Kasturi Ram Herbal Industries Partnership Firm

(g) Aiyana Trading Pvt. Ltd. Private Limited Company

(h) Chrysalis Trading Pvt. Ltd. Private Limited Company

(i) Chrysalis Realty Projects Private Limited Company (P) Ltd

(j) EON Auto Industries Pvt. Ltd. Private Limited Company

(k) Suryakant Kakade & Soul Space Partnership Firm

(l) Asha Jyoti Software Pvt.Ltd Private Limited Company

(iii) Key Management Personnel

a) Mr. Vinod Kashyap Chairman

b) Mr. Vineet Kashyap Managing Director

c) Mr. Vikram Kashyap Joint Managing Director

(iv) Relatives of Key Management Personnel

a) Mr. Mohit Kashyap Son of Mr.Vinod Kashyap

b) Mrs.Malini Kashyap Goyal Daughter of Mr.Vinod Kashyap

c) Mr. Saurabh Kashyap Son of Mr.Vineet Kashyap

d) Mrs. Anjoo Kashyap Wife of Mr. Vinod Kashyap

e) Mrs. Aradhana Kashyap Wife of Mr. Vineet Kashyap

f) Mrs. Amrita Kashyap Wife of Mr. Vikram Kashyap

g) Mrs. Nitika Nayar Kashyap Wife of Mr.Mohit Kashyap

h) Ms Aiyana Kashyap Daughter of Mr. Mohit Kashyap

i) Mrs. Shruti Choudhari Daughter of Mr. Vineet Kashyap

j) Mrs Sanjana Kashyap Kapoor Daughter of Mr. Vikram Kashyap

k) Mr. Sahil Kashyap Son of Mr. Vikram Kashyap

4. Impairment of Assets

In accordance with the Accounting Standard - 28 on "Impairment of Assets" issued by the Institute of Chartered Accountants of India, no Asset has been identified for impairment by the Company during the year.

5. Investments: The Company did not sell any of its investments which were held by it and / or purchased during the year.

6. Certain Balances with the Parties are subject to Confirmation.

7. In the opinion of the Board, Current Assets, Loans & Advances have a value on realisation in ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and adequate provision for all known liabilities has been made.

8. The following table sets out the status of the gratuity/leave encashment plan and other benefits as required under the revised Accounting standard -15 issued by The Institute of Chartered Accountants of India.

9. Segmental Reporting

The company has only one reportable business segment i.e. civil contracts. The company also operates a hotel in Mussourrie and also trades in residential flats. However, these are not "Reportable Segments" as per clause 27 of AS17, as the revenue from these sources is less than 10% of the total revenue. The company operates in only one geographical segment viz. India.

10. Previous year's figures have been re-grouped, rearranged to make them comparable with figures of current year, wherever considered necessary.


Mar 31, 2010

Contingent Liabilities

(a) Contingent Liabilities exist in respect of

- Bank Guarantees Rs. 1,723,259,880/- (Previous year Rs. 1,95 9,373,832/-)

- Letter of Credit Rs. 116,112,881/-(Previousyear 169,199,589/-)

- Corporate Guaranteesof Rs. 1,247,298,397/- (Previous year Rs. 836,477,200/-) in favour of:-

- Clients Rs. 397,298,397/-

- Subsidiaries Rs. 85,00,00,000/-

(b) No disputed/legal cases which may have any material and adverse financial implication are pending against the company.

(c) Income Tax Liability is indeterminate, if any arising on account of pending assessments.

2. All borrowing costs have been charged to revenue; hence no cost is attributable to acquisition or construction of qualifying assets.

3. DEFERRED TAX

In accordance with "Accounting Standard 22nd the Company has recognised the deferred tax Assets as at 31st March 2010 amounting to Rs.8,849,588/- and has charged the same to Profit & Loss Appropriation account.(Previous Year Rs. 2,410,875/-)

3. Related Party Disclosure

1) List of Related Parties

I. Enterprises in which the Company has control Relationship

(i) Security Information Systems (India) Ltd. Wholly owned subsidiary

(ii) B L K Lifestyle Ltd. Wholly owned subsidiary

(iii) B L K Infrastructure Ltd. Wholly owned subsidiary

(iv) Soul Space Projects Ltd. Subsidiary

(v) Soul Space Realty Ltd. Step Down Subsidiary

(vi) Soul Space Hospitality Ltd. Step Down Subsidiary

II. Other related Parties

(i) Joint Ventures BLK NCC Consortium

(ii) Associates Status

(a) B.L.K. Financial Services Limited Limited Company

(b) B.L.K. Securities Private Limited Private Limited Company

(c) Ahuja Kashyap Malts Pvt. Ltd. Private Limited Company

(d) Bezel Investments & Finance Pvt. Ltd. Private Limited Company

(e) B.L. Kashyap & Sons Partnership Firm

(f) Kasturi Ram Herbal Industries Partnership Firm

(g) Aiyana Trading Pvt. Ltd. Private Limited Company

(h) Chrysalis Trading Pvt. Ltd. Private Limited Company

(i) Chrysalis Realty Projects (P) Ltd. Private Limited Company

(j) EON Auto Industries Pvt. Ltd. Private Limited Company

(k) Suryakant Kakade & Soul Space Partnership Firm

(I) Asha Jyoti Software Pvt. Ltd. Private Limited Company

(iii) Key Management Personnel

(a) Mr. Vinod Kashyap Chairman

(b) Mr. Vineet Kashyap Managing Director

(c) Mr. Vikram Kashyap Joint Managing Director

(iv) Relatives of Key Management Personnel

(a) Mr. Mohit Kashyap Son of Mr.Vinod Kashyap

(b) Ms.Malini Kashyap Daughter of Mr.Vinod Kashyap

(c) Mr. Saurabh Kashyap Son of Mr.Vineet Kashyap

(d) Mrs. Anjoo Kashyap Wife of Mr. Vinod Kashyap

(e) Mrs. Aradhana Kashyap Wife of Mr. Vineet Kashyap

(f) Mrs. Amrita Kashyap Wife of Mr. Vikram Kashyap

(g) Mrs. Nikita Kashyap Wife of Mr.Mohit Kashyap

(h) Ms Aiyana Kashyap Daughter of Mr. Mohit Kashyap

(i) Mrs. Shruti Chaudhary Daughter of Mr. Vineet Kashyap

(j) Ms Sanjana Kashyap Daughter of Mr. Vikram Kashyap

(k) Mr. Sahil Kashyap Son of Mr. Vikram Kashyap



3. Impairment of Assets

In accordance with the Accounting Standard 28 on "Impairment Of Assets" issued by the Institute of Chartered Accountants of India, no Asset has been identified for impairment by the Company during the year.

4. Certain Balances with the Parties are subject to Confirmation.

5. In the opinion of the Board, Current Assets, Loans & Advances have a value on realisation in ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet and adequate provision for all known liabilities has been made.

 
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